2026-01-13 14:21:55

The wealthy tax controversy in California is heating up again. A new referendum proposal launched by local unions is in the works—targeting residents with a net worth of over $1 billion, imposing a one-time 5% tax on their total assets.

Governor Newsom spoke out against it on Monday, taking a very firm stance. He said that just proposing this tax is already harming California—many billionaires are considering leaving the state. The governor's position has been clear for years: firmly oppose wealth taxes. The underlying logic is straightforward—he worries that such policies could weaken California's competitiveness as an innovation hub.

From fiscal policy to talent migration and regional competitiveness, this controversy involves a long chain of issues. Newsom's warning is worth noting: radical fiscal policies could lead to a double exodus of capital and talent.

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BoredRiceBall

· 01-13 14:48

Rich people hear about it and want to run away. California is punishing itself. Newsom is right. Just proposing a case can scare people away. If it actually gets implemented, it would be disastrous. I really can't understand this logic... driving away money and talent, who will pay taxes then? California, oh California, how can you not see this? Ultimately, radical reforms hurt ordinary people the most. Just look at it.

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DegenWhisperer

· 01-13 14:45

A 5% tax to keep these big shots? Just kidding, Texas has already opened its doors wide. Núñez is right this time. Once such a thing is announced, bleeding begins immediately, and there's no time to regret. Wealth tax... to put it simply, it's like killing the goose that lays the golden eggs. In the long run, California will suffer more than it gains. The union's idea is understandable, but the reality is cruel. Everyone knows the principle that people move to higher places and water flows to lower places. The funniest part of this is—before the policy is even implemented, talent and capital are already fleeing. Confidence is more valuable than gold.

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HorizonHunter

· 01-13 14:42

This move is really brilliant. Before the campaign even officially started, it scared people away. California is playing with fire. --- Imagine a group of people packing their bags before even paying taxes. The deterrent effect of this policy is truly remarkable. --- In simple terms, it's about killing the goose that lays the golden eggs. The chickens have already flown away before being slaughtered. What are the unions thinking? --- Núñez was right this time. Such radical policies are really shooting themselves in the foot. Talent and money are fleeing together, and there's no time to cry afterward. --- Las Vegas must be secretly celebrating, while California is pushing people out. --- Every time I see this kind of news, I wonder why some people just can't understand this logic. --- One-time 5%? Isn't that just forcing people to leave? I really can't understand what these folks are thinking.

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BoredWatcher

· 01-13 14:38

Really typical, the union's move is just forcing the rich to flee, and then the taxes will be even harder to collect.

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DegenDreamer

· 01-13 14:31

Really, just because of a proposal, the wealthy are fleeing? California has been hijacked. Speaking of, the union's move is really ruthless—cutting everything by 5%. Why not just confiscate it outright? Gavin Newsom is getting anxious, worried that the big investors will leave, haha. California can't keep the big players; Texas must be celebrating. This kind of tax law is a lose-lose situation. Who benefits from it?

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